PAN Application 2020-03-25T17:42:39+05:30

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Application for PAN

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department, to any “person” who applies for it.
PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

PAN was introduced to facilitate linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an person, to facilitate easy retrieval of information and to facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for detecting and combating tax evasion and widening of tax base.

The government of India has announced that all the PAN applications should be furnished in the new forms as prescribed by the ITD with effect from April 8th, 2012. The applicants are supposed to submit their “Application for allotment of new PAN” in the revised Form 49A only. The same is applicable to all the Indian citizens. Foreign citizens are supposed to submit their “Application for allotment of new PAN” in the newly notified Form 49AA only.

Why is PAN Card Required?

The PAN card serves a lot many functions such as keeping a track of financial transactions of an person. It is essential for persons to compulsory quote PAN in all documents pertaining to the financial transactions as specified by Income Tax Authorities and it helps in bringing down the chance of tax evasion. The benefits of PAN card are as follows :

Opening a Bank Account :

All companies regardless if it is public or private are required to have a bank account in its name for which PAN Card is mandatory. Under the Pradha Mantri Jan Dhan Yojana, an individual owning a PAN card can open a zero balance account.

Identity Proof : 

The PAN Card serves as a source of valid Identity proof like the others, voter card, Aadhaar card etc. It is also accepted by the financial institutions and other governmental organisations as identity proof.

IT Returns Filing : 

Every person who is eligible to pay the Income tax or as mandated by Income Tax Act are supposed to file the Income Tax returns. For the same procedure, such person being an artificial entity or individual has to obtain the respective PAN cards.

Payment to Foreign Country : 

A PAN card is required for payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

Payment for Purchase of Shares, Mutual Funds, Debentures or Bonds:

A PAN card is required for payment of an amount of fifty thousand rupees or more to a Mutual Fund for purchase of its units; to a company for acquiring shares issued by it; to a company or an institution for acquiring debentures or bonds issued by it;

Cash Deposit exceeding Rs. 50,000 :

A PAN card is mandatory required to be furnished for Cash for deposit, exceeding fifty thousand rupees, with a Bank or Post Office Savings Bank or payment in cash for purchase of bank drafts or pay orders or banker’s squelches for an amount aggregating fifty thousand rupees or more during any one day.

Sale or purchase of any immovable property :

A PAN card is required for sale or purchase of any immovable property valued at five lakh rupees or more.

Types of PAN Applications

  • Application for allotment of PAN – When applicant has never applied for a PAN or does not have PAN allotted to him.
  • Application for new PAN card or/ and Corrections in the PAN Data – When applicant has a PAN card and wants either a new or some changes in the data
  • Reprint of PAN card : This application should be used when PAN has already been   the applicant but applicant requires a PAN card. A new PAN card bearing the same PAN details is issued to the applicant only when there is no change required in data.

Minimum Requirements

 Proof of Identity (Individual) or Constitution of Business
Proof of Address
Proof of Date of Birth

Procedure For PAN Application

Documents Required For PAN Application

For Individuals and HUF

Identity Proof:
1) Copy of any one of the following forms bearing name of the applicant :

  • Aadhaar Card as issued by UIAI
  • Voter ID Card
  • Driving License
  • Passport
  • Ration Card with the photograph of applicant
  • Arm’s license
  • Photo identity card issued by the Central Government or State Government or Public Sector Undertaking
  • Pension Card with the photograph
  • Central Government Health Scheme Card or Ex-Servicemen Contributory Health Scheme photo card

2) Certificate of identity as issued by an MP or an MLA or a Municipal Councilor or Gazetted officer.

3) Original Bank Certificate on the letter head from the issuing officer containing duly attested photograph and bank account number of the applicant.

Address Proof:
1) Copy of any one of the following documents containing address of the applicant :

  • Aadhaar Card as issued by UIAI
  • Voter ID Card
  • Driving License
  • Passport
  • Passport of the spouse
  • Post office passbook
  • Latest property tax assessment order
  • Domicile certificate
  • Property registration
  • Allotment letter of accommodation issued by the Central Government or State Government of not more than three years old

2) Copy of anyone of the following documents :

  • Electricity Bill
  • Landline Telephone or Broadband connection bill
  • Water Bill
  • Consumer gas connection card or book or piped gas bill
  • Bank account statement or as per Note 2
  • Depository account statement
  • Credit card statement

3) Certificate of identity as issued by an MP or an MLA or a Municipal Councilor or Gazetted officer.

4) Original Employer Certificate

Proof of date of birth:
1) Copy of anyone of the following documents having the name, date, year of the birth :

  • Aadhaar Card as issued by UIAI
  • Voter ID Card
  • Driving License
  • Passport
  • Matriculation Certificate
  • Birth certificate issued by the municipal authority
  • Photo identity card issued by the Central Government or State Government or Public Sector Undertaking
  • Central Government Health Service Scheme photo card
  • Pension payment order
  • Marriage Certificate

Other than Individuals and HUF

Those having office in India : 

  1. Company : Registration certificate as issued by Registrar of Companies.
  2. Partnership Firm : Copy of partnership deed or copy of Registration certificate as issued by the Registrar of firms.
  3. Limited Liability Partnership : Copy of Registration Certificate as issued by the Registrar of LLPs.
  4. Trust : Copy of certificate of registration number as issued by charity commissioner or trust deed.
  5. Association of Person, Body of Individuals, Local Authority, or Artificial Juridical Person : Copy of Agreement or copy of certificate of registration number issued by charity commissioner or registrar of cooperative society or any other competent authority or any other document originating from any Central or State Government Department establishing identity and address of such person.

Those not having office in India : 

  1. Copy of Registration certificate as issued in the country where the applicant’s office is located, attested by “Apostille” (in respect of the countries which are signatories to the Hague Convention of 1961) or by the Indian Embassy or High Commission or Consulate in the country where the applicant is located or authorised officials of overseas branches of Scheduled Banks registered in India.
  2. Copy of registration certificate issued in India or of approval granted to set up office in India by Indian Authorities.

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FAQ

All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.

Yes, it is compulsory to quote PAN on return of income.

Section 139AA of the Income Tax Act states that every person who has PAN as on July 1, 2017 is required to link his/her PAN with his/her Aadhaar number.

The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.

No. Obtaining/possessing more than one PAN is against the law and may attract a penalty up to  10,000. Therefore, it is advisable not to obtain/possess more than one PAN.

You should fill the application form legibly in English capital letters and preferably with black ink. Read all the instructions before filling up PAN application form.

In such cases, Left Hand Thumb Impression (preferably in black ink) of the applicant should be taken on PAN application form at the place meant for signature. This should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp.

No. There are no additional charges for applying for PAN online.

If you wish to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel/ surrender your PAN.

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Why Registration Arena

On Time Delivery

Just tell us a few details about your brand and we’ll process your application. In three working days, you’ll be ready to use the symbol alongside your brand name.

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We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

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Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.

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